February's 2022 Power Generation & Supply Market Recap is a snapshot of the data and information we curate. We share industry drivers, notable projects, recent mergers and acquisitions, interesting reads, and updates on upcoming meetings and conferences.
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Industry Drivers
Our data team tracks new and updated industry drivers. Here are some recent drivers we have been following this month:
DPU Approves Massachusetts’ Three Year Energy Efficiency Plan
Status: Effective
Organization: The Massachusetts Department of Public Utilities (DPU)
Summary: On February 2, 2022, the Massachusetts Department of Public Utilities (DPU) approved a three-year (2022-24) plan to spend $4 billion on energy effeminacy initiatives in electric and gas distribution companies. The Plan restructures ‘Mass Save incentives’ through revamped rebates, zero-cost efficiency upgrades, interest-free loans, and other additional energy efficiency incentives to help the commonwealth achieve its climate goals. The funding comes from gas and electric consumers who pay energy efficiency fees in their bills. The Plan will provide $9 billion in benefits and aim to deliver 845,000 tons of emission reductions. A significant portion of the Plan’s funding will be used for electric heat pump incentives while strictly reducing oil, propane, and natural gas use. This is available to residential, income-eligible, and commercial and industrial customers. Those who are availing of this system can receive up to a $10,000 refund.
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Biden Administration Announces Nearly $725 Million to Create Union Jobs, Catalyze Economic Revitalization in Coal Communities
Status: Effective
Organization: The Department of the Interior
Summary: On February 7, 2022, the U.S department of interior announced around $725 million for 22 states and Navajo Nation to create jobs for the coal community in the Fiscal Year 2022 through reclaiming the abandoned mine lands (AML) as part of Bipartisan Infrastructure Law. The law earmarks $11.3 billion in AML funding over the next 15 years. The funds would be consumed on projects that reclaim and close former mining facilities and improve water quality. It will also prioritize projects to employ displaced coal industry workers.
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California PUC Approves Long Term Plans To Meet Electricity Reliability and Climate Goals
Status: Effective
Organization: California Public Utilities Commission (CPUC)
Summary: On February 10, 2022, the California Public Utilities Commission (CPUC) approved long-term plans for investment in electricity generation resources and power transmission systems. It aims to ensure an uninterrupted power supply to consumers and reduce greenhouse gas (GHG) emissions. The commission set 2032’s GHG emission target of 35 million metric tons (MMT) for the electric sector from earlier 46 MMT. More solar and battery storage, new long-duration storages, out-of-state wind, and offshore wind resources have been included in plans. It also orders utility procurement of two battery storage projects as alternative transmission upgrades in the previous transmission planning process (TPP) cycle. It also directs the procurement of unprecedented new clean energy resources.
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DOE Establishes $6 Billion Program to Preserve America’s Clean Nuclear Energy Infrastructure
Status: Proposed
Organization: White House
Summary: On February 11, 2022, the U.S Department of Energy (DEO) offered a $6 billion Civil Nuclear Credit Program under the Bipartisan Infrastructure Law to keep the nuclear power plants from closing and protect the U.S jobs. To this effect, the DEO released the Notice of Intent and Request for Information to learn more about priorities for the program and certification process. Of 93 nuclear reactors in the U.S, a dozen commercial reactors have closed since 2011 due to economic reasons, while the maintenance cost is too high to operate clean energy infrastructure. Now, under the Infrastructure Law, those commercial nuclear plants facing closure, their owners or operators can take part in competitive bidding for credit to keep their plants running, preserve jobs and reduce pollution by generating carbon-free electricity. However, the plants’ owners will have to prove the economic reasons for their reactors’ possible closure and its impact on the environment.
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Biden Administration, DOE to Invest $3 Billion to Strengthen U.S. Supply Chain for Advanced Batteries for Vehicles and Energy Storage
Status: Effective
Organization: Department of Energy (DOE)
Summary: On February 11, 2022, the U.S Department of Energy (DEO) announced it will provide nearly $2.91 billion for spurring domestic production of advanced batteries for electric vehicles (EVs), energy storage, and research and development. Over 96% share of this funding will support new, retrofitted, and expanded domestic operations to produce battery materials and cell components and battery recycling and remaining to research and development of second-life sources for EV batteries. The U.S has invested heavily in EVs promotion and transition to renewable energy generation, but the battery supply chain was not that level to meet and support this transition. This funding is the part of around $7 billion Congress dedicated in the Bipartisan Infrastructure Law to strengthen the U.S battery supply chain, including production and recycling of critical minerals, without new extraction or mining, and sourcing materials for domestic manufacturing.
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FERC Updates Policies to Guide Natural Gas Project Certifications
Status: Proposed
Organization: Federal Energy Regulatory Commission (FERC)
Summary: On February 17, 2022, a divided Federal Energy Regulatory Commission (FERC) adopted an updated framework for modernizing the certification and approval processes of proposals relating to natural gas infrastructure projects. Under this expanded criterion, the environmental aspect, the need of the facility, and its impact on the masses shall be significantly reviewed. Notably, for the first time since 1999, the commission also released Interim Policy Guidance that outlines how it will evaluate greenhouse gas (GHG) emission and climate change impacts of LNG facilities or gas pipeline projects. This is effective immediately for pending and new applications. FERC calls the new review policy a legally covered document and provides greater certainty for everyone.
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Indianna Commercial Solar and Wind Energy
Status: Proposed
Organization: State of Indiana Legislature
Summary: On February 1, 2022, the Indiana SB 411, titled Commercial Solar and Wind Energy passed the Senate, and on February 28, 2022, the House of Representatives. This bill is authored by Senators Mark Messmer, Eric Koch, and Lonnie Randolph. The bill establishes a commercial renewable energy development center within the Indiana Economic Development Corporation. Stated on this bill are the default standards for commercial renewable energy. Furthermore, a community has the option to adapt the laid standards presented on this bill. The bill will take effect on July 1, 2022.
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Notable Projects
We track notable projects from the proposal stage to becoming effective. Here are some of the recent notable projects we have been tracking.
$3.9 Billion “Wind PRIME” Renewable Energy Project
Type: Generation - Solar, Generation Wind
Status: Proposed
Organization: MidAmerican Energy
Region: Iowa
Summary: On January 19, 2022, power company MidAmerican Energy submitted a proposal with the Iowa Utilities Board for a renewables mega project in the state of Iowa Named Wind Prime. The project would include 2,042MW of wind generation, as well as 50MW of solar generation. The proposed wind facilities would have a lifetime of 40 years, while the solar facilities would last 30 years. As part of its proposal, the firm said it will also conduct feasibility studies on other clean generation technologies, including carbon capture, energy storage and small modular nuclear reactors to help reach its transition to net-zero emissions. MidAmerican Energy intends to complete construction on the hybrid power project in late 2024. The project has a total investment of $3.9 billion.
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$1.9 Billion 1,600 MW Battery Energy Storage Capacity Project
Type: Energy Storage - BESS
Status: Proposed
Organization: Pacific Gas and Electric Company (PG&E)
Region: California
Summary: In January 2022, California’s Pacific Gas and Electric Company (PG&E) announced it has planned to site nine new energy storage projects totaling 1,600 MW (6,400 MWh). If approved by the California Public Utilities Commission (CPUC), these nine projects would bring PG&E’s total battery energy storage system capacity to more than 3,330 MW by 2024. These nine projects are:
- Beaumont ESS I, LLC’s Beaumont Energy Storage project is a 100 MW stand-alone, transmission-connected battery energy storage resource located in Beaumont, California, scheduled to be online by August 2023. FirmoGraphs estimated the project value at $109.4 million.
- Sanborn ESS I, LLC’s Edwards Sanborn Energy Storage project is a 169 MW stand-alone, transmission-connected battery energy storage resource located in Mojave, California, scheduled to be online by August 2023. FirmoGraphs estimated the project value at almost $185 million.
- Canyon Country ESS I, LLC’s Canyon Country Energy Storage project is composed of an 80 MW stand-alone, transmission-connected battery energy storage resource located in Santa Clarita, California, and scheduled to be online by October 2023. FirmoGraphs estimated the project value at $87.5 million.
- Moss Landing Energy Storage 3, LLC’s MOSS350 Energy Storage project is a 350 MW stand-alone, transmission-connected battery energy storage resource located in Moss Landing, California and scheduled to be online by August 2023. FirmoGraphs estimated the project value at almost $383 million.
- Poblano Energy Storage, LLC’s Inland Empire Energy Storage project is a 100 MW stand-alone, transmission-connected battery energy storage resource located in Rialto, California and scheduled to be online by April 2024. FirmoGraphs estimated the project value at around $103 million.
- NextEra Energy Resources Development, LLC’s Corby Energy Storage project is a 125 MW stand-alone, transmission-connected battery energy storage resource located in Vacaville, California, scheduled to be online by June 2024. FirmoGraphs estimated the project value at around $129 million.
- NextEra Energy Resources Development, LLC’s Kola Energy Storage project consists of a 275 MW stand-alone, transmission-connected battery energy storage resource located in Tracy, California, and it is scheduled to be online by June 2024. FirmoGraphs estimated the project value at $283.5 million.
- Nighthawk Energy Storage, LLC’s Nighthawk Storage project consists of a 300 MW stand-alone, transmission-connected battery energy storage resource located in Poway, California. It’s currently pending required local approvals, and is scheduled to be online by June 2024. FirmoGraphs estimated the project value at $309.3 million.
- Caballero CA Storage, LLC’s Caballero Energy Storage project is a 99.7 MW stand-alone, transmission-connected battery energy storage resource located in Nipomo, California, and scheduled to be online by June 2024. FirmoGraphs estimated the project value at $102.7 million.
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$1.3 Billion Cat Creek Energy and Water Storage Renewable Power Station Project
Type: Generation - Hydro - Pumped Storage
Status: Proposed
Organization: Geosense, LLC
Region: Idaho
Summary: On December 31 2021, Cat Creek Energy, LLC, (CCE) submitted a preliminary application document (PAD) to the Federal Energy Regulatory Commission (FERC) for its Energy and Water Storage Renewable Power Station project, located in Elmore County, Idaho. The Project will provide 720 megawatts (MW) nameplate capacity of renewable power generation and off-stream new water storage of 100,000 acre-feet. The facility would provide 3,202 gigawatt hours (GWh) of energy production annually, large volume, long duration (LVLD) energy storage (87,120 megawatt hours [MWh]), and up to 80,000 AF of water storage for multiple beneficial downstream uses. The development of the project will provide more than $1 billion in U.S. manufacturing and construction jobs over the next six years and will offset more than 2.7 million metric tons of CO2 emissions annually. CCE is expected to submit a final license by fall of 2023. The project is at an early stage and no construction details yet.
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$695 Million Qualified Offshore Wind Project (Ocean Wind 1)
Type: Generation - Wind
Status: Proposed
Organization: Ocean Wind, LLC
Region: New Jersey
Summary: On February 2, 2022, Ocean Wind, LLC filed a petition with the New Jersey Board of Public Utilities for a determination that easements across green acres-restricted properties and consents needed for certain environmental permits in, and with respect to, the City of Ocean City are reasonably necessary for the construction or operation of the Ocean Wind 1 qualified offshore wind project. Ocean Wind 1 is an 1,100 MW offshore wind farm, developed by Ørsted and PSEG, that is located 15 miles off the coast of Southern New Jersey. As New Jersey’s first utility-scale offshore wind farm, Ocean Wind 1 will provide clean and reliable energy, local jobs, and infrastructure enhancements to the Garden State – helping realize New Jersey’s vision of becoming a world-class leader in the offshore wind industry. Stakeholder engagement, project survey work and permitting is underway. In March 2021, Ocean Wind 1 received its Notice of Intent from the Bureau of Ocean Management and expects a draft Environmental Impact Statement to be issued in May 2022. Additional work, including extensive environmental impact studies and coordination with the New Jersey Department of Environmental Protection to complete the state-specific permit process, is on-going. Ocean Wind 1 anticipates spending $695 million in New Jersey while creating about 1,000 construction jobs per year during the construction phase of the project. To meet these commitments, Ocean Wind 1 will draw upon Ørsted’s extensive network of global suppliers to bring thousands of construction and manufacturing jobs to the state. The first phase of commercial operation for the Project is required to begin May 1, 2024. In order for Ocean Wind to achieve the scheduled commercial operation dates, it must begin construction of the onshore portions of the Project by 2023.
Contact FirmoGraphs to See the Document
$311.6 Million Coyote Creek Agrivoltaic Ranch Project
Type: Generation - Solar
Status: Proposed
Organization: Sacramento Valley Energy Center, LLC
Region: California
Summary: On January 19, 2022, Sacramento Valley Energy Center, LLC filed a Notice of Preparation for its Coyote Creek Agrivoltaic Ranch project. Sacramento Valley Energy Center, LLC is requesting to construct and operate a 200 MW, alternating current, photovoltaic solar energy facility on parcels that total around 2,555 acres in the Cosumnes community of unincorporated Sacramento County. The Project will consist of the following components: solar PV modules mounted on tracking systems and power conversion stations including inverters and transformers; on-site substation; energy storage system with capacity to store approximately 100 MW AC/400MWh of energy; two meteorological towers up to 15 feet in height; diesel, propane, or battery powered backup generators; temporary water storage (during construction); private access roads, perimeter roads, and fencing; and a gen-tie line and switchyard. The fenced solar facility would house all structures, including solar panels, tracking support structures, inverters, transformers, SCADA, and interconnection facilities (on-site substation). The project is expected to be completed by 2024. FirmoGraphs estimates the project will cost $311.6 million to build.
Contact FirmoGraphs to See the Document
$252.7 Million Portage Solar Project
Type: Generation - Solar
Status: Proposed
Organization: Portage Solar, LLC
Region: Wisconsin
Summary: On January 14, 2022, Portage Solar, LLC issued its Engineering Plan for its solar project, located in Portage County, Wisconsin. The Project is a 250 MW/ac solar facility. The major components of the project include the PV panels, tracking system, PCUs, collection system, project substation, potential battery storage and gen-tie line. The PV panels will convert sunlight to electric current as the tracking system follows the sun from east to west during the day. The electric current is converted from DC to AC by the PCUs. The PCUs also increase the voltage to a medium voltage level to efficiently move the energy to the Project substation. The Project substation will further increase the voltage to the interconnection voltage of 115 kV. Finally, the gen-tie line will carry the electricity to the POI, located at the existing ATC Plover substation. The current preliminary designs include 250 MW/ac of PV panels installed. This would require 825,000 to 875,000 high efficiency PV panels, depending on the wattage rating selected. Construction of the Project is anticipated to begin as early as Q4 2023 and finish in late 2024. The primary construction activities will consist of site mobilization, site preparation and grading, and installation of steel piles, tracker system, PV panels, and PCUs. The Project collector substation and gen-tie line will be constructed in parallel with the PV array.
Contact FirmoGraphs to See the Document
Notable M&A
The following M&A transactions in the Power Generation and Supply Industry stand out in the month of February:
What We Are Reading
Here are some recent articles our team has been reading:
- Duke Energy's solar portfolio grows in North Carolina with the addition of two new plants
- PG&E proposes plan to develop nine new energy storage projects in California
- MidAmerican plans to add 2 GW of wind energy in Iowa, study carbon capture
- Missouri PSC greenlights 15-mile transmission line, substation project by ATXI
- Arizona’s largest utilities commit to increase use of clean energy
- Albany County approves 32,000-acre Rock Creek Wind Project
- Xcel Energy to reach 80% emissions reduction by 2030, building out renewables
- Connecticut launches 'comprehensive' and 'complex' charging program to support 500,000 EVs by 2030
- Indiana Michigan Power to add more than 2,000 MW of solar, wind energy by 2028
- California ISO sketches $30.5B draft transmission plan to meet state's clean energy goals
- Georgia Power to go coal-free by 2028, double renewables by 2035, but advocates decry gas plans
- Biden extends solar tariff 4 years, eases Trump-era requirements
- Georgia Power Plans to Retire All Coal Units by 2035
- Xcel Energy plan calls for reducing carbon emissions
- DTE Energy adding 500 MW of MIGreenPower renewable energy projects to voluntary options
- National Electric Vehicle Infrastructure Formula Program
- Black Rock wind farm in West Virginia now operational
- Duke's Belews Creek plant will be one of last to burn coal
- DOE Announces $175 Million for Novel Clean Energy Technology Projects
- Oswego Common Council Approves Port Of Oswego Wind Farm Project
- Largest US public power company launches new nuclear program
- Louisville eyes forming public electric utility to meet climate goals
- Dominion to expand net zero carbon reduction goals to Scope 2 and Scope 3 emissions
- PSEG Completes Sale of New Jersey and Maryland Fossil Generating Assets to ArcLight Capital Partners
- Governor Gordon Brokers Deal to Keep Jim Bridger Power Plant Open
- Eversource expects 1,760 MW of offshore wind capacity in service by end-2025
- Offshore wind on track to hit, possibly exceed Biden's 30 GW target by 2030
Meeting Planner
Organizations have shifted their event strategies during the COVID-19 pandemic. We are tracking these changing meeting plans.
Meetings in March and April 2022
- ACEEE Hot Water Forum - Mar. 21 - Mar. 23, 2022
- AESP Annual Conference Virtual Event - Mar. 22 - Mar. 24, 2022
- AEE East Energy Conference & Expo - Mar. 23 - Mar. 24, 2022
- APPA Engineering & Operations Conference - Mar. 27 - Mar. 30, 2022
- IEEE - PES Spring Transformers Committee Meeting - Mar. 27 - Mar. 31, 2022
- AWEA Siting and Environmental Compliance Conference - Mar. 29 - Mar. 30, 2022
- IEEE - PES Green Technologies (GreenTech) Conference - Mar. 30 - Apr. 3, 2022
- EEI Spring Legal Conference - Apr. 6 - Apr. 8, 2022
- EEI Spring 2022 Transmission, Distribution, Metering & Mutual Assistance Conference - Apr. 10 - Apr. 13, 2022
- NCTA Spring Conference - Apr. 11 - Apr. 14, 2022
- EMA CxEnergy - Apr. 19 - Apr. 22, 2022
- SEPA RE+ Texas - Apr. 21 - Apr. 22, 2022
- IEEE - PES Innovative Smart Grid Technologies Conference North America: Moving to a 3-D Energy Landscape - Apr. 24 - Apr. 28, 2022
- EEI Annual Global Electrification Forum - Apr. 25 - Apr. 29, 2022
- IEEE - PES Transmission and Distribution Conference and Exposition - Apr. 25 - Apr. 28, 2022
Early Bird Registration
- Event: AASHTO Committee on Right of Way, Utilities and Outdoor Advertising Control Annual Meeting
Dates: Apr. 25 - Apr. 28, 2022
Deadline for Early Registration: Mar. 18, 2022 - Event: AASHTO GIS for Transportation Symposium
Dates: Apr. 19 - Apr. 22, 2022
Deadline for Early Registration: Mar. 18, 2022 - Event: IEEE - PES Transmission and Distribution Conference and Exposition
Dates: Apr. 25 - Apr. 28, 2022
Deadline for Early Registration: Mar. 27, 2022 - Event: ASCE International Conference on Transportation & Development
Dates: May 31 - June 6, 2022
Deadline for Early Registration: Mar. 28, 2022 - Event: IEEE - PES Innovative Smart Grid Technologies Conference North America: Moving to a 3-D Energy Landscape
Dates: Apr. 24 - Apr. 28, 2022
Deadline for Early Registration: Mar. 28, 2022 - Event: PA-AWWA Annual Conference
Dates: Apr. 25 - Apr. 27, 2022
Deadline for Early Registration: Mar. 30, 2022 - Event: IMS-AWWA Water Quality And Infrastructure Midyear Conference
Dates: Apr. 21, 2022
Deadline for Early Registration: Mar. 31, 2022 - Event: P3C The Convention, Sports & Entertainment Facilities Conference
Dates: June 14 - June 15, 2022
Deadline for Early Registration: Apr. 1, 2022 - Event: ENR Groundbreaking Women in Construction
Dates: May 12 - May 13, 2022
Deadline for Early Registration: Apr. 1, 2022 - Event: API Pipeline, Control Room And Cybernetics Conference
Dates: May 3 - May 5, 2022
Deadline for Early Registration: Apr. 1, 2022 - Event: WEF AWW & AWEA Annual Conference (Arkansas)
Dates: May 1 - May 4, 2022
Deadline for Early Registration: Apr. 1, 2022 - Event: PNS-AWWA Section Conference
Dates: Apr. 27 - Apr. 29, 2022
Deadline for Early Registration: Apr. 1, 2022 - Event: ACI-NA/ACC/AGC Airport Construction Strategy Summit
Dates: May 10 - May 11, 2022
Deadline for Early Registration: Apr. 5, 2022 - Event: ASME Manufacturing Science and Engineering Conference (MSEC)
Dates: June 27 - July 1, 2022
Deadline for Early Registration: Apr. 8, 2022 - Event: WEF Residuals and Biosolids Conference
Dates: May 24 - May 27, 2022
Deadline for Early Registration: Apr. 8, 2022 - Event: TRB Biennial National Harbor Safety Committee Conference
Dates: June 13 - June 15, 2022
Deadline for Early Registration: Apr. 14, 2022 - Event: P3C P3 Airport Summit
Dates: Aug. 8 - Aug. 9, 2022
Deadline for Early Registration: Apr. 15, 2022 - Event: ACAA World of Coal Ash
Dates: May 16 - May 19, 2022
Deadline for Early Registration: Apr. 15, 2022 - Event: TechEx IoT Tech Expo North America
Dates: May 11 - May 12, 2022
Deadline for Early Registration: Apr. 18, 2022 - Event: ACEC Annual Convention
Dates: May 22 - May 25, 2022
Deadline for Early Registration: Apr. 21, 2022 - Event: AWWA ACE22
Dates: June 12 - June 15, 2022
Deadline for Early Registration: Apr. 22, 2022